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Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
 COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting investment in new wells, Fitch Ratings says.
According to Fitch, the steep rate at which production from shale wells declines mean companies have to keep drilling new wells to maintain production. We estimate median full-cycle costs for US exploration and production companies have fallen to about USD70. The marginal barrel, not the median one, balances supply and demand and determines price, so the point at which capex falls will probably be higher. Exactly where depends on expectations of future price. Anecdotally we understand that at USD90/bbl capex is likely to continue at full speed, while at USD75-80/bbl it may fall. This would have a relatively rapid impact on production, suggesting a notional price floor.
Fitch noted that, in the short term we consider a resurgence of supply disruptions and positive action from OPEC the most likely catalysts for a rebound in prices. But without these, further declines might be possible, especially if evidence grows of further weakening of global demand or increasing OPEC spare capacity.
The notional floor is well below the USD100/bbl level that many market participants thought was here to stay earlier this year. But in the last two weeks Brent crude has fallen - and stayed - significantly below USD100/bbl, and WTI crude has fallen below USD90/bbl for the first time since 2012. The difference between the two benchmarks has shrunk to around USD2.50, and forward curves also indicate weakness, Fitch noted.
The key supports for USD100+ oil were growing demand, tight OPEC spare capacity, increasing cost of supply, particularly combined with rapid depletion rates for shale wells, OPEC's desire for high oil prices, and political and security issues in key regions.
Fitch further noted, demand has been the clearest change in the short term, but is also the element that may most reliably reverse in the long term. If China and India grow as expected demand could rise by up to a third in the next 20-30 years - but this does not preclude short-term weakness.
OPEC has declared support for prices at USD100/bbl. Some members would prefer this price or higher, but we estimate Saudi Arabia, which would have to absorb the greatest production cuts, would be able to balance its budget at USD94/bbl. A lot will therefore ride on the outcome of OPEC's next meeting in November, said Fitch.
The geopolitical and security picture has not resulted in the predicted fall in production. Progress is being made on Iranian sanctions; Iraqi production has remained robust; Libyan production is starting to recover. Market sentiment suggests the effects of these situations will remain benign - but there is potential for this to reverse quite rapidly.
We do not expect rating implications from the price dip in the short term. Our corporate and sovereign ratings use price assumptions that drop over time, and companies and governments have shown themselves able to adjust spending to weaker prices if necessary. The rising US dollar, which has strengthened against the euro by around 10% since the middle of the year, is also contributing to weakness in oil prices when expressed in dollar terms, as our price decks are.
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Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
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Showing 3421 to 3425 news of total 6871 |
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- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
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